Steel Rates in Pakistan Kickstart 2024 With A Big Increase

The domestic prices of steel products have been increased by Rs. 7,000 to rise by up to Rs. 270,000 per ton. Domestic steel producers announced an increase in the prices of steel by Rs. 7,000 per ton on Monday, according to JS Research. Effective from 8 January 2024, the new price for steel rebar is Rs. 262,000-270,000 per ton. Notably, steel rebar prices have jumped from Rs. 259,000-264,000 seen on October 31, 2023, to Rs. 262,000-270,000 today. The upside risks to today’s increase in steel prices could be any disruptions in the procurement of raw materials. Market participants said the prolonged delay in the arrival of shipments has led to a sharp increase in the price of steel rebars in the country. The associated high interest rates are contributing to the overall increase in steel costs. Consequently, the market now sees steel prices as more expensive, impacting various sectors and stakeholders. Today’s upward revision in steel rates may further slow any developments in the sector.